Manitowoc Co. posted third quarter net sales of $448 million compared to $450.1 million in the third quarter of 2018. On a currency adjusted basis, net sales for the quarter were $456.7 million, an increase of $6.6 million, or 1.5 percent year over year. Third quarter EBITDA was $42.8 million, representing a $12.3 million or 40 percent improvement compared to the third quarter of 2018.
The company said the adjusted EBITDA margin improvement – 280 basis points to 9.6 percent of net sales – was primarily driven by continued improvements throughout the business.
“Manitowoc delivered solid third quarter results through continued operational improvements and we achieved our tenth consecutive quarter of year-over-year adjusted EBITDA margin expansion,” said Barry Pennypacker, president and CEO of Manitowoc Co. “Our application of lean principles of The Manitowoc Way continue to reflect favorably in our financial results. With this solid year-to-date performance, we have raised the midpoint of our 2019 full year adjusted EBITDA guidance while also reflecting current market conditions in our revenue outlook. Our results prove that we can effectively deliver on our commitments despite challenging market conditions. Through the transformation of Manitowoc over the past three years, we are better positioned to generate positive returns to our shareholders throughout the cycle while maintaining adequate liquidity.”
Manitowoc updated its guidance for the year to approximately $1.850 to $1.880 billion in revenue, adjusted EBITDA of about $145 to $160 million; and capital expenditures fo approximately $35 million.
For the first nine months of the year, Manitowoc posted $1,370.7 million in revenue compared to $1,331.5 million in the first nine months of 2018, a 2.9-percent year-over-year increase.
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.